[PPT] - 2015 15 RESULTS PRESENTA TATIO TION Colin Jones, Finance Director PowerPoint Presentation

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Colin Jones, Finance Director November 19, 2015

2015 15 RESULTS PRESENTA TATIO TION

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£m 2013 2013 2014 2014 2015 2015 Chan ange ge Revenue 404.7 406.6 403.4

1%

Adjusted PBT1 116.5 116.2 107.8

7%

Statutory PBT1 95.3 101.5 123.3 +21% Adjusted EPS1 71.0p 70.6p 70.1p

1%

Dividend 22.75p 23.00p 23 23.40 40p +2% Net (debt)/cash2 (9.9) (37.6) 17 17.7

1. As reconciled in appendix to preliminary announcement 2. The comparative figure for net debt is at September 30

HIGHLI HLIGHTS GHTS1

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Headline revenues down 1% to £403.4m
H2 underlying1 revenues down 5%, after 1% increase in H1
Adjusted operating margin down to 26%, reflecting known costs and

weak H2

Adjusted PBT down 7% to £107.8m
FX US$ benefit £7m
Strong operating cash conversion - net cash £17.7m by y/e
Fintech investments: Dealogic, Estimize, Zanbato
Continued progress rolling out Delphi content platform
Good pipeline of new products
Q1 trading in line with expectations and H2 FY15 trends

KEY MESS SSAGE GES

1. Excludes acquisitions/disposals, event timing and at constant exchange rates

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Statutory profit £123.3m vs Adjusted PBT £107.8m
Underlying tax rate 18%
Dealogic: swapped £5.6m of Adjusted PBT for an associate interest of

c£3m (annualised) – 2% earnings dilution

Final dividend of 16.4p consistent with 3x cover policy
Net cash at y/e – facility renewal depends on acquisition pipeline
Underlying cash conversion 101% (2014: 100%)

FINANC ANCIAL IAL HIGHLI HLIGHTS GHTS

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ST STATUT UTORY ORY PROFIT IT

Exceptional items

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CASH SHFL FLOW/ OW/NE NET T DEBT

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Page 6 1. As reconciled in appendix to preliminary announcement

TRADIN DING G SU SUMMARY RY

£m 2013 2013 2014 2014 2015 2015 Chan ange ge Revenue

404.7 406.6 403.4

1%

Adjusted operating profit1

121.1 119.8 104.2

13%

Adjusted PBT1

116.5 116.2 107.8

7%

Operating margin

29.9% 29.5% 25.8%

3.7%

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Deteriorating global GDP forecasts
Debt capital markets – continued impact
f increased compliance / regulation and

structural, rather than cyclical, challenges

Commodities - prices remain depressed

across most assets

Emerging markets - increased geopolitical

risk

Recent market news:

– Q3 global IB results – HSBC/Barclays/Deutsche/Unicredit – Glencore

HEADWIN ADWINDS DS TAILWIND LWINDS

Asset management sector remains robust:

– II Memberships new launches – IIN – BCA new products

Telecoms
Fintech
Delphi

MACRO RO HEADWIND DWINDS S OUT UTWEIGH GH TAILWI LWINDS NDS

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REVENUE UE BY TYPE

£m 2014 2014 2015 2015 Headline Underlying Underlying excl timing Subscriptions 196.8 21 210. 0.5 +7% +2% +2% Advertising 52.2 48 48.9

6%
11%
11%

Sponsorship 56.6 59 59.2 +5%

4%
2%

Delegates 71.1 70 70.5

1%
12%
5%

Other 13.3 12 12.1

9%
11%
11%

Sold/closed business 13.7 1. 1.6

FX

2.9 0. 0.6

Total

406.6 40 403. 3.4

1%
4%
2%

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Page 9 1. Excludes acquisitions/disposals, event timing and at constant exchange rates

REVENUE UE CHANGE NGE BY QTR (und nderlying) lying)1

Y-o-Y % change FY2014 FY2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Subscriptions +2% +3% +2% +2% +2% +2% +4% +2% Advertising

3%
1%
8%
2%
6%
16%
8%
13%

Sponsorship

2%

+22%

+23%

+1% +11%

9%
2%

Delegates

11%
1%
+3%

+5%

11%
14%

Other +5% +15% +24% +14%

4%
10%
24%
9%

Total +1% +2%

+4%

+2% +1%

5%
6%

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Page 10 1. Excludes acquisitions/disposals, event timing and at constant exchange rates

REVENUE UE CHANGE NGE BY QTR (und nderlying) lying)1

Y-o-Y % change FY2014 FY2015 H1 H2 H1 H2 Subscriptions +2% +2% +2% +3% Advertising

2%
5%
11%
11%

Sponsorship +9% +8% +7%

6%

Delegates

5%
1%

+3%

12%

Other +9% +19%

6%
16%

Total +1% +2% +1%

5%

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REVENUE UE BY DIVISI SION ON

£m 2014 2014 2015 2015 Headline Underlying Underlying excl timing Research & Data 120.8 12 125. 5.8 +4% 0% 0% Financial Publishing 75.8 74 74.3

2%
6%
6%

Business Publishing 67.8 70 70.0 +3% 0% 0% Conferences, Seminars & Training 125.6 13 131. 1.1 +4%

7%
2%

Other/closed 13.7 1. 1.6

FX

2.9 0. 0.6

406.6

40 403. 3.4

1%
4%
2%

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Page 12 1. Headline profit before effect of FX hedging

OPERAT ATING ING PROFIT IT BY DIVISIO SION1

£m 2014 2014 2015 2015 Change Research & Data 45.1 43 43.6

3%

Financial Publishing 21.6 18 18.5

14%

Business Publishing 22.8 24 24.2 +6% Conferences, Seminars & Training 34.5 33 33.3

3%

Sold/closed businesses 6.7 1.3

81%

Corporate costs (10.9) (16 16.7) 7) +53% Total 119.8 10 104. 4.2

13%

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Page 13 1. After corporate costs

OPERAT ATING ING MARGI RGIN N BY DIVISIO SION

FY 2014 H1 1 20 2015 15 H2 2 20 2015 15 FY 2015 Research & Data 37% 33% 33% 37% 37% 35% 35% Financial Publishing 28% 23% 23% 26% 26% 25% 25% Business Publishing 34% 30% 30% 38% 38% 35% 35% Conferences, Seminars & Training 28% 29% 29% 22% 22% 25% 25% Group operating margin1 30% 26% 26% 26% 26% 26% 26%

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% Adjusted operating margin 2014 29.5 Event timing differences (0.5) Acquisitions / disposals (0.1) Property costs (0.5) Delphi costs (0.5) 27.9 Underlying operating profits (2.1) Adjusted usted operat rating ing mar argi gin n 20 2015 15 25 25.8

OPERAT ATING ING MARGI RGIN

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ADJUS USTE TED D PBT

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Investor day strategy update early in 2016 ST STRATE TEGY GY

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Macro headwinds continue to outweigh tailwinds
Headwinds are both structural and cyclical, especially in banking
H2 revenue trends expected to continue into FY16 H1
Still some pressure on margins from revenue declines
FX remains favourable
Good pipeline of new products in asset management
Balance sheet and cash flow stronger than ever

OUT UTLOOK

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Appendix

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REVENUE UE CHANGE NGE BY QTR (head adli line) ne)

Y-o-Y % change FY2014 FY2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Subscriptions +5% +1%

4%
3%

+3% +7% +12% +6% Advertising

4%
15%
7%
4%
10%

+1%

9%

Sponsorship +8% +23%

2%

+29%

12%

+33%

3%

+3% Delegates +2% +14%

3%
2%
1%

+17%

9%
11%

Other +4% +17% +21% +11%

3%
4%
21%
7%

Total +3% +5%

6%
5%

+6%

1%
4%

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Page 20 1. At constant exchange rates before FX hedging

REVENUE UE CHANGE NGE BY QTR1 (cons nstan tant t FX)

Y-o-Y % change FY2014 FY2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Subscriptions +6% +6% +3% +4% +2% +2% +4% +2% Advertising +1%

8%
2%
6%
16%
8%
13%

Sponsorship +9% +29% +6% +37%

12%

+26%

9%
2%

Delegates +1% +17%

+2%
1%

+15%

11%
14%

Other +5% +19% +27% +16%

4%
6%
24%
9%

Total +5% +10%

1%

+5%

5%

+1%

7%
7%

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Page 21 1. At constant exchange rates and excluding acquisitions/disposals

REVENUE UE CHANGE NGE BY QTR (und nderlying) lying)1

Y-o-Y % change FY2014 FY2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Subscriptions +2% +3% +2% +2% +2% +2% +4% +2% Advertising

3%
1%
8%
2%
6%
16%
8%
13%

Sponsorship

2%

+22%

+37%
12%

+8%

9%
2%

Delegates

+19%
1%

+2%

1%
24%
11%
14%

Other +5% +15% +24% +15%

4%
10%
24%
9%

Total +1% +7%

+6%
1%
5%
5%
6%

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CASH SH CONVERSION SION

Cash generated from

perations

Adjusted

perating

profit Cash conversion FY2015 Cash conversion FY2014 Hea eadl dline e cash sh convers ersion

n

109.5 104.2 105% 105% 92% 92% Add back: CAP cash (incl tax)

8%

Other

4.3

(4%)

Under

erlyi ying cash h convers ersion

n

109.5 108.5 101% 101% 100% 100%

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Page 23 1. See note 5 of preliminary statement

TAX1

£m FY 2014 FY 2015 Adjusted PBT 116.2 107.8 Statut utory

ry tax charg

arge (25.6) (17.6) Add: other tax adjustments (0.1) 1.3 Under erlyi ying tax charg arge (25.7) (18.9) Under erlyi ying tax rate 22% 22% 18% 18%

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Page 24 1. See note 4 of preliminary statement

NET FINANC ANCE COST STS1

£m FY 2014 FY 2015 Interest on debt facility (1.3) (1.1) Interest on tax (0.3) (0.4) Other 0.1 0.2 Under erlyi ying net et finance e costs ts (1.5) (1.3) Acquisition deferred consideration (1.9) (2.9) Acquisition commitments 1.3 4.7 Statut utory

ry net

et finance ce costs ts (2.1) 0.5

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EXCEPTI TIONAL ONAL ITEMS

£m 2014 2015 2015 Profit on disposal of Cap DATA & Cap NET

48.4

Profit on disposal of business 6.8 2.4 Profit on disposal of properties

4.3

6.8 55.1 Goodwill impairment (HFI/CIE/Indaba)

(18.5)

5) Associate impairment (Global Grain) (0.4)

Restructuring and other exceptional costs

(3.8) (3.2) 2.6 33.4

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£m £m 2014 2014 2015 2015 Q1 Q2-Q4 Revenue 5.7 1.2

Operating profit

5.4 1.0

Share of profits in associate

0.2

2.4

DEALOGIC GIC

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Group acquired 75% interest in CIE in 2013 for £10.2m initial consideration
Good strategic fit with II and filled gap in Australian asset management sector
Commitment to acquire remaining 25% by early 2016
At Sept 2014 £5.2m in acquisition commitments
Governance and financial irregularities identified during audit
Former owner-managers replaced and Euromoney management accelerated
Adjustments made to group’s investment in CIE:

– Goodwill impairment £3.0m – Preparation of balance sheet as if owned 100% – Net finance income credit £5.2m – reversal of 25% acquisition commitment

CIE CIE

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USD 2015 2015 2014 2014 Average rates 1.55 1.66 Closing rates 1.51 1.62 USD 1¢ movement ement Revenue +/- £1.4m Profit before tax +/- £0.6m

IMPACT CT OF FX

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Page 29 1) Opening balance restated

DEFERRE RED D REVENUE UE

£m £m Subs bs Other Opening balance1 82.0 27.8 FX 4.2 0.7 Adjusted opening balance 86.2 28.5 Underlying movement

(2.6)

Closi sing balance ance 86.2 25.9 Underlying growth %

9%